AgEagle Aerial Systems, Inc.

Good day, everyone, and thank you for participating in today's conference call. Joining us today from AgEagle is Chief Executive Officer and Board Member, Brandon Torres-Declect, and Chief Financial Officer, Nicole Fernandez-McGovern. Following Brandon's prepared remarks, both company officers will respond to questions that were previously submitted via email by analysts and investors. Before I introduce Brandon, I remind you that today's call, including the question and answer session, Statements that are not historical facts, including any projections, statements regarding future events or future financial performance, or statements of intent or belief are forward-looking statements and are covered by the safe harbor disclaimers contained in the company's public filings with the SEC. Actual outcomes and results may differ materially from what is expressed or implied by these forward-looking statements. With that said, I'll turn the call over to AgEagle's CEO, Brandon. Please go ahead, sir.

Thank you, and good afternoon, everyone. It's been almost seven months since I was appointed CEO of AgEagle, and I'm incredibly proud of how much progress we've made in such a short amount of time. Since taking the helm, we've been hard at work building toward our goal of becoming a global billion-dollar drone company. More specifically, we completed three major acquisitions in 2021, the most recent one of the world's leading fixed-wing drone companies, SenseFly. We are laser focused on investing resources into our best in class products and solutions and continue to bring them to market at breakneck speed. We joined the Russell 3000 Index. We successfully had several frivolous lawsuits dismissed. We continue to add some of the best industry talent to the team in sales, marketing, and engineering. On top of all that, we've been able to fortify our balance sheet through our capital raising efforts with Stiefel and Raymond James to adequately support the abundant growth opportunities on the horizon. As I look at how much we've been able to accomplish over the last six months, I have the utmost confidence in our ability to drive sustainable growth going forward and meaningfully increase shareholder value. This is really just the beginning. We believe we have a clear path towards organic growth. We are one of the few U.S. companies that can offer customers a full-stack drone solution. This unique value proposition gives us confidence in our ability to capitalize on the ever-growing need for autonomous drone solutions across a variety of industries and applications with a particular focus on the energy, construction, agriculture, and government markets. I'll go into more detail regarding what we've accomplished within each segment during the quarter, along with operational highlights during the call. But first, I'd like to turn it over to our CFO, Nicole, to review our financial results for the quarter. Then to conclude the webcast, we'll answer questions that have been submitted by our shareholders. Nicole, over to you.

Thanks, Brandon, and thank you all for joining us today. This past Friday, we filed our 10-Q with the SEC, which is accessible on the SEC.gov and on our Investor Relations section of the AgEagle website. Additionally, we announced some key highlights from the report via a press release this morning, which I'd like to recap here. For the three-month end of September 30, 2021, total revenues climbed 169% to approximately $2.0 million from approximately $750,000 in the prior year period. As we look further into the revenue results, sensor sales for the RedEdge and Altum product lines totaled approximately $1.9 million compared to zero in the prior year period. Software sales increased to approximately $175,000 compared to only $17,000 in the prior year period. This increase was primarily driven by the benefit of having sales from the measure ground control, which we acquired in the second quarter of this year. Our gross profit manager on the total revenues for the third quarter was 39% compared to 43% in the prior year period. This decrease is largely attributed to the shift in the product mix of our product offerings. Our net loss available to common stockholders was approximately $3.8 million, or $0.05 loss per share compared to a net loss available to common stockholders of approximately $575,000 or $0.01 loss per share for the prior year period. Now looking at the results for the nine months ended September 30, 2021, total revenues increased nearly 400% to $5.7 million compared to $1.2 million in the prior year's nine-month period. Breaking down the nine-month revenue results, sales of our red edge and all to the sensors totaled 5.3 million and measure ground control and hemp overview software subscriptions totaled approximately 372,000. Consolidated growth profit margin on total revenues increased 260 basis points to 49% up from a growth margin of 46% in the same nine months in 2020. The primary factor contributing to the increase in our growth profit margin was our shift in mix of products we offer customers in the new markets we serve. Now moving to the bottom line. AgEagle's net loss available to common stockholders was $11.4 million or $0.17 loss per share for the nine months ended September 30, 2021, compared to a net loss available to common stockholders of approximately $11.3 million or $0.33 loss per share for the same nine-month period in 2020. Our cash position as of September 30, 2021, was approximately $32.2 million up from approximately $23.9 million as of the end of 2020. In addition, total stockholders' equity increased substantially to approximately $94.2 million as of September 30, 2021, compared to approximately $26.4 million as of the end of 2020. Lastly, I want to provide an update on our capital raising efforts. From May 29, 2021 through September 30, 2021, we raised approximately $30.9 million by using our ATM with our co-agents Stiefel and Raymond James. These efforts have allowed us the resources to pursue our goal of building a full-stack solution that we believe will provide us significant opportunities for growth access, our target verticals, energy, construction, agriculture, and government, ultimately delivering increased substantial value to our shareholders. Now, I'll pass it back to Brandon to go over a few details of our operational highlights for the quarter. Brandon?